HONG KONG, July 28 Reuters Shares of China Evergrande New Energy Vehicle Group NEV plunged on Friday as trading resumed nearly 16 months after the stock was suspended pending the release of financial results.

Resumption of trading in the shares is one step forward for its embattled parent China Evergrande Group, whose offshore debt restructuring plan includes swapping part of the debt into equitylinked instruments backed by the group, Evergrande NEV and another unit, Evergrande Property Services.

Shares of Evergrande Group, laden with 330 billion in total liabilities, and its services arm have remained suspended since March 2022.

Shares of Evergrande NEV sank as much as 69 to HK1 in early trading, down from HK3.2 on its last closing date of April 1, 2022.

That compares to a 19 rise in Chinese EV giant BYD Co and 27 drop in EV startup Xpeng Inc during the 16month period.

Evergrande NEV reported on Wednesday a combined net loss of 71.12 billion yuan 9.95 billion for 2021 and 2022, while its auditor Prism Hong Kong and Shanghai Limited said it did not express an opinion on the financial reports because there were material uncertainties relating to going concern.

The company, which has been under pressure since its parent entered a debt crisis in mid2021, had previously warned it might have to wind up operations unless it obtained new funding.

In 2022, the firm had to delay mass production of its first flagship model, Hengchi 5. The firm said in June that as of May, it…